Abstract: A cutting insert including a flank face, a rake face, and a cutting edge at the intersection of the flank and rake faces that is useful in the chip forming machining of workpiece materials is disclosed. The cutting insert comprises a cermet comprising at least one hard component and about 2 wt % to 19 wt % Co--Ni--FE-binder. The Co--Ni--FE-binder is unique in that even when subjected to plastic deformation, the binder substantially maintains its face centered cubic (fcc) crystal structure and avoids stress and/or strain induced transformations.